Credit4115 wrote:I had only late payments
Nothing else... except high utilization
So I paid everything off..
I currently still have a small car loan (low rate) about $3700
Just paying everything off jumped my score about 100 points
Issue is I have a long term Credit One Bank card (I know)
And that is the only long term card I have
In the two months ago I got approved for
American Express blue cash everyday
Chase Freedom unlimited
Bank of America Travel Awards Visa
Capital One Quicksilver
Keep in mind my credit score was 612 so I am not sure why they approved all these..
Now my score is 630 and they are not all reporting yet
(I went for 513 to 630 in two months)
So I have been using the American Express and Chase freedom card... And I have been making multiple payments
(charge $500.. Pay $500.. Charge $500 pay $500) So I ended up spending past the limit on these cards while keeping near zero balances
I can do these because I do some work for a company and if I WANT I can charge on my card and they pay me back.. So I can toss money on the card to get points/cash back/use.
I can not use my discover card for this because they decrease my credit line temporarily the amount of the multiple payments
Now I have enough cards ...
I want to ditch the Credit One Bank card of course... Temporary hits to my credit are okay
I just need it back by November
I'm not 100% sure if I'm answering your intended question, but it's difficult for us to know what the effect of closing the Credit One account it. The factors to be considered are you available credit / utilization and your average age of accounts.
The first one will have an immediate effect so just keep that in mind. Your average age of accounts won't change for 10 years basically. When you close an account, FICO still factors it into your AAoA for ten years as long as it was in good standing.
I'm not sure if you were looking for more info or not, but feel free to follow up.
Congrats on the forward progress. Slow and steady is the way to go with credit.